Norges Bank Makes New Investment in Installed Building Products, Inc. $IBP

Key Points

• Norges Bank opened a new position in Installed Building Products, buying 124,752 shares worth about $32.4 million and ending with roughly 0.46% of the company.
• Several insiders also bought stock: COO Brad A. Wheeler and CFO Michael Thomas Miller purchased shares on May 11, bringing total insider buying over the last three months to 4,046 shares worth about $844,194.
• Analysts remain cautious on IBP after its latest earnings miss, with consensus rating at “Reduce” and a median price target of $247.67; the stock closed around $200.96 and the company also declared a $0.39 quarterly dividend.

Norges Bank bought a new position in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 124,752 shares of the construction company's stock, valued at approximately $32,359,000. Norges Bank owned about 0.46% of Installed Building Products at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. raised its holdings in shares of Installed Building Products by 21.4% during the fourth quarter. Bessemer Group Inc. now owns 123,264 shares of the construction company's stock worth $31,973,000 after purchasing an additional 21,705 shares during the last quarter. Watchtower Advisors LP raised its holdings in shares of Installed Building Products by 30.4% during the third quarter. Watchtower Advisors LP now owns 32,277 shares of the construction company's stock worth $7,961,000 after purchasing an additional 7,534 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Installed Building Products by 16.3% during the third quarter. Envestnet Asset Management Inc. now owns 131,850 shares of the construction company's stock worth $32,522,000 after purchasing an additional 18,487 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Installed Building Products by 7.6% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 128,911 shares of the construction company's stock worth $33,438,000 after purchasing an additional 9,080 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Installed Building Products by 107.3% during the fourth quarter. SG Americas Securities LLC now owns 9,227 shares of the construction company's stock worth $2,393,000 after purchasing an additional 4,777 shares during the last quarter. Hedge funds and other institutional investors own 99.61% of the company's stock.

Insider Activity

In related news, COO Brad A. Wheeler bought 716 shares of the company's stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $209.13 per share, for a total transaction of $149,737.08. Following the completion of the transaction, the chief operating officer directly owned 14,988 shares in the company, valued at $3,134,440.44. This trade represents a 5.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael Thomas Miller bought 2,400 shares of the company's stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $207.82 per share, for a total transaction of $498,768.00. Following the transaction, the chief financial officer owned 33,219 shares of the company's stock, valued at approximately $6,903,572.58. This trade represents a 7.79% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 4,046 shares of company stock worth $844,194 over the last three months. Corporate insiders own 13.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBP. Wells Fargo & Company reduced their target price on shares of Installed Building Products from $285.00 to $250.00 and set an "equal weight" rating for the company in a report on Friday, May 8th. Wall Street Zen cut shares of Installed Building Products from a "buy" rating to a "hold" rating in a report on Sunday, March 29th. DA Davidson reissued a "neutral" rating and set a $242.00 target price on shares of Installed Building Products in a report on Monday, June 1st. Vertical Research raised shares of Installed Building Products from a "sell" rating to a "hold" rating and set a $326.00 target price for the company in a report on Friday, February 27th. Finally, Benchmark cut shares of Installed Building Products from a "buy" rating to a "hold" rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $247.67.

Installed Building Products Stock Up 1.7%

IBP opened at $200.96 on Tuesday. Installed Building Products, Inc. has a fifty-two week low of $162.56 and a fifty-two week high of $349.00. The company has a debt-to-equity ratio of 1.56, a quick ratio of 2.76 and a current ratio of 3.35. The company has a fifty day moving average of $250.48 and a two-hundred day moving average of $275.80. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 4.88 and a beta of 1.71.

Installed Building Products (NYSE:IBP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The construction company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.17). Installed Building Products had a net margin of 8.65% and a return on equity of 42.28%. The firm had revenue of $660.50 million during the quarter, compared to analysts' expectations of $668.92 million. During the same period in the previous year, the firm posted $2.08 EPS. The firm's quarterly revenue was down 3.5% on a year-over-year basis. On average, research analysts expect that Installed Building Products, Inc. will post 9.62 earnings per share for the current year.

Installed Building Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.8%. Installed Building Products's payout ratio is presently 16.63%.

About Installed Building Products

Installed Building Products, Inc NYSE: IBP is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.

Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.

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